Ceptor® Processing Solution Developed by UATP In-house for Alternative Form of Payment Processing
UATP announced that the US Patent and Trademark Office indicated it will grant a patent for UATP’s technology underlying Ceptor, UATP’s in-house built Alternative Forms of Payment (AFP) processing solution. Ceptor was built to allow UATP Merchants to connect easily to AFPs offered by UATP without incurring significant integration costs.
“We wanted to build technology both to advance and to simplify the process for our Merchants seeking to accept AFPs and we created Ceptor as the easy integration option,” stated UATP President and CEO, Ralph Kaiser. “Ceptor enables Merchants to obtain speed-to-market and connectivity to multiple AFPs without a heavy technology lift while creating efficient reconciliation with no further manual processes necessary.” Kaiser continued, “UATP is in a unique position to help the airline industry and we will continue to innovate and offer the needed payment options and related technology products to optimize airline payment strategy.”
Read More: iShares Takes Steps to Lead Industry in Style Investing
Ceptor enables AFPs to run on the UATP Network and automatically adapts to each AFP’s unique integration, reconciliation and support models and connects them to Airline Merchants. This allows an Airline Merchant to work with as many AFP partners as it chooses, using the same reconciliation process they are used to without investing significant resources to manually reconcile and settle each new set of AFP transactions. As an added benefit, Ceptor generates tokenized single-use UATP account numbers with each transaction to provide a more secure environment keeping the consumer’s AFP account details anonymous.
Read More: Deloitte: Hastened by the Pandemic, Global Enterprises Increase Investments in Advanced Wireless
Kaiser added, “The patent approval validates UATP’s internal innovation strategy. We are adding new fintech products and services and will continue to work with all our partners to solve the airline industry’s payment problems and address future needs.”
Read More: Newlink Group Raises $300 Million In Funding From Leading Financial Institutions
